ChristinaZander

AMF owns a 0.83% stake in Scania and is the first significant investor in the truck maker to turn the deal down. The pension fund is one of many firms that is included in a group of minority shareholders Volkswagen is looking to buy out.

Volkswagen, already owning 62.6% of the Swedish truck maker, in February launched a SEK200 ($30.78) per share offer for the stake it didn't own. The bid, valued above $9 billion, to take full control of Scania is part of a broader plan by Volkswagen to integrate its commercial vehicle operations, which include Scania, MAN and Volkswagen trucks.

Volkswagen represents 89% of Scania's voting rights. Some analysts have suggested Volkswagen offering a 36% premium, was actually bidding too high for full control of Scania.

Earlier this month, however, an independent committee made up of some Scania board members said the offer didn't reflect the long-term value of the company based on its growth prospects, technological ability and the potential synergies from the deal. That recommendation sent a negative message to those watching the deal, but Volkswagen rejected the recommendation and said it would not raise its offer.

Anders Oscarsson, the shareholder representative AMF, said the firm took the independent committee's analysis into consideration during its own decision making. He said the firm also did its own internal analysis.

"AMF's mission is to ensure a good long-term returns for our investors," Mr. Oscarsson said in a statement. "Therefore, it is particularly important to us in our position to bid for Scania to weigh in the company's long-term potential."

He said AMF is "well aware of the risk of a short-term stock market reaction if the bid as a whole is not accepted, but our view is that the offer of SEK200 do not meet the company's long-term value."

Shortly after VW made its bid, Institutional owner Fjärde AP-fonden, a pension fund holding 0.5% of Scania's capital, said in a statement it would evaluate the offer carefully, but that "it is not obvious that the price now offered is best for the Swedish pensioner in the longer term."

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